Exception Message: The application pool that you are trying to use has the 'managedRuntimeVersion' property set to 'v4.0'. This application requires 'v4.5'.
Learn more at: http://go.microsoft.com/fwlink/?LinkId=221672#ERROR_APPPOOL_VERSION_MISMATCH. (type DeploymentDetailedException)

I don’t recall exactly where (may have been here), but the solution is to simply add the following property to the project file: